5/17, 9:27 AM (Source: TeleTrader)
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Yuan falls to lowest in nearly half year

The offshore exchange rate of China's currency hit 6.945 per dollar on Friday, the yuan's weakest level since December 3, as there was no indication the United States and the world's second-largest economy would continue to work on a comprehensive bilateral deal to end disputes regarding trade and the protection of intellectual property.

The greenback was 0.11% up at 9:26 am CET, selling for 6.93582 offshore yuan and 0.35% higher at 6.9082. The official rate earlier reached 6.91 for the first time since December 24. The euro advanced 0.16% to 7.755 offshore yuan after touching a three-day high at 7.76141. It grew 0.42% to 7.72475 yuan, a level last seen also on May 14.

The People's Bank of China today set the midpoint of the reference rate against the dollar at 6.8859, 0.25% higher than yesterday's fix and 0.22% above the closing mark.

Breaking the News / IT